Two-Unit Duplex with Attached
For Sale
$696,000
Pending
61xx Lakeland Avenue N, Crystal, MN 55428
MULTI_FAMILY - Crystal, MN
Property Size3,549 SF
Days on Market196
Property Features for 61xx Lakeland Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
Residential-Single Family
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 5, Basement, Bedroom 7, Bedroom 6, Bathroom 2, Bathroom 6, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 3, Bathroom 1
Parking features
Garage - Attached
Exterior features
Brick/Stone, Vinyl
Accessibility
Accessible Approach with Ramp
Subdivision
Runquist Add
Lot features
Tree Coverage - Light
High school district
Robbinsdale
Directions
Take I-94 W. Take exit for I-394W/US-12 W. Take exit for MN-100 N. Take County Rd 81 N exit and merge onto County Rd 81/Bottineau Blvd. Turn right onto Crystal Airport Rd. Turn left onto Lakeland Ave N. House is on the right.
Standard status
Pending
Size
3,549 SF
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
418
Utilities
Heating system
Forced Air
Building Details
Year built
2026
Building materials
Block, Stone
Roof type
Shingle
Listing Agency:
Keller Williams Classic Realty · Keller Williams Realty
(763) 746-4900
Listed By:
Shawn C Rogers
(763) 746-4900
Added: Jan 30
Changed: Aug 13
Last Checked: Aug 14 at 11:06AM
MLS# 7008812
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
New construction duplex under construction featuring two fully separated but attached homes. The primary home offers three levels with five bedrooms and three bathrooms, including a lower level with two bedrooms, one bathroom, and a large living room. The upper level includes a kitchen, dining room, and living room with vaulted ceilings, plus two additional bedrooms, a laundry room, and a completely separate and private primary suite.
The attached second home is slab on grade with two bedrooms and one bathroom, with a kitchen, living room, and dining room. It also includes its own separate garage and three-foot-wide door openings for easy accessibility.
Outside, the property is set on an enormous lot with tree coverage. Exterior materials include brick/stone and vinyl. Heating is forced air, with a shingle roof. Accessibility features include an accessible approach with ramp.
The attached second home is slab on grade with two bedrooms and one bathroom, with a kitchen, living room, and dining room. It also includes its own separate garage and three-foot-wide door openings for easy accessibility.
Outside, the property is set on an enormous lot with tree coverage. Exterior materials include brick/stone and vinyl. Heating is forced air, with a shingle roof. Accessibility features include an accessible approach with ramp.
Key Highlights
- Under construction duplex with two fully separated attached homes
- Primary home: three levels with 5 bedrooms and 3 bathrooms
- Lower level includes 2 bedrooms, 1 bathroom, and a huge living room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$45,992
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.61%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$919,840
$919.8K
Cap Rate 7%
$657,029
$657.0K
Cap Rate 9%
$511,022
$511.0K
Market Conditions
NOI Build-Up for 3,549 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$70.3K $19.80/SF
− Vacancy
−$4.6K −$1.29/SF
EGI
$65.7K $18.51/SF
− OpEx
−$19.7K −$5.55/SF
NOI
$46.0K $12.96/SF
Area
Hennepin County, MN
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$919,840
Cap Rate 7%
$657,029
Cap Rate 9%
$511,022
Alternative Uses
Best Use
Multifamily LT 5
$657.0K
$574.9K – $766.5K
NOI $45,992 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$592.6K
$518.5K – $691.4K
NOI $41,482 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$846.7K
$740.9K – $987.8K
NOI $59,270 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 55428, MN
31,896
Population
13,495
Households
2.4
Avg Household Size
37
Median Age
29%
College-Educated
90%
High-School Grad
8.1 sq mi
ZIP Area
3,938
Density / Sq Mi
$69,004
Median Household Income
$43,173
Median Earnings
$1,291
Median Rent
$277,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Under construction duplex with two fully separated attached homes, including garages and accessible ramp approach.
Where is this duplex located?
The property is located at 61xx Lakeland Avenue N Crystal, MN.
What is the asking price?
The asking price for this property is $696,000.
What are key features of this property?
This property features: Under construction duplex with two fully separated attached homes; Primary home: three levels with 5 bedrooms and 3 bathrooms; Lower level includes 2 bedrooms, 1 bathroom, and a huge living room
